Forex Magnate of the Month™ for May 2009: FXCM

Announcing the winner of the first ever "Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnate of the Month" award: Drum roll please....and the winner is... FXCM!

Forex Magnate of the Month™ (™ makes it look so much more official doesn't it?) - is a completely subjective award that I grant a broker who made the most monthly progress both in terms of market share (opening new offices, acquiring other brokers, growing volume, etc) and client service (better spreads, ECN or STP and not market making, improved software, etc).

This month, and by an enormous gap, FXCM is the absolute winner leaving its runners-up, Gain Capital and Saxo Bank, far behind.

Just to name a few of FXCM's achievements in May:

• Started offering MT4 via Boston Technologies Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat Read this Term
• Acquired I-Trade's retail clients
• Started offering heding via its UK subsidiary

In the meanwhile, Gain:

• Expanded into Europe with UK and Germany offices
• Reached $200B in monthly volume

And Saxo Bank:

• Announced plans to open a regional office in Dubai
• Opened several Eastern European offices

Good work FXCM!

Now what's left for FXCM is to acquire a Swiss regulated broker (one Dukascopy and one MIG to go please), strengthen their presence in the Middle East (HY Markets on red alert?) and set foot in the Chinese (Hong Kong at this point) door. This should pave the way for the largest Forex monopoly broker ever.

I can't wait for the June Forex Magnate of the Month™ award, and you?